The Chicago Board of Trade (CBOT) says 2003 saw the highest yearly volume total ever recorded in the history of the exchange: 454,190,749 contracts. Total volume was up 32.1 percent for the year. Volume in December was 34,987,155, up 51.7 percent from December 2002. In addition, nine of the top ten monthly volume records were in 2003.
“This has been a phenomenal record year, thanks to CBOT market users who place tremendous value on the exchange’s fully transparent marketplace with unmatched liquidity,” says Chairman Charles P. Carey. “With the historic transition to a new electronic trading platform and the CME/CBOT Common Clearing Link, the CBOT accomplished an impressive amount this year. We expect these innovative efforts, along with plans in 2004 for the most aggressive product rollout in the exchange’s history and other initiatives, again to foster rapid volume growth in the coming year. The CBOT looks forward to continuing to provide its customers with the superior level of service that they expect from the exchange.”
CBOT agricultural complex trade was up 32.2 percent from December 2002, with 5,746,777 contracts changing hands. In addition, Corn futures surged 54.9 percent from December 2002 levels to 1,364,332 contracts; Soybean futures were up 32.2 percent from last year at 1,538,505 contracts; and Oat futures saw a gain of 70.5 percent from 2002 at 27,170 contracts traded.
The CBOT’s benchmark Ten-Year Treasury Note futures contract surged 55.4 percent from 2002 trading 10,912,239 contracts in December. Fed Fund futures saw an impressive volume gain of 38.2 percent from last year trading 509,070 contracts, with Fed Fund options, the most successful new product launch in a generation, posting a gain of 117.7 percent from last month at 126,475 contracts.
In addition, the CBOT posted gains for the month in its financial futures and options complex, with December trading volume for the entire financial product line at 27,904,437 contracts, an increase of 55.6 percent from last year, and up 36.5 percent for the year at 365,837,850 contracts traded. Other increases in the financial product sector included Five-Year Treasury Note futures up 82.0 percent from last year at 6,285,624 contracts, with volume up 46.0 percent for the year at 73,746,445 contracts; Two-Year Treasury Note futures were up 106.4 percent from 2002 at 488,459 contracts. CBOT’s stock index complex volume for December was up 65.4 percent from 2002 at 1,303,562 contracts and up 69.6 percent for the year at 15,539,621. Volume in the mini-DowSM contract rose sharply, rising 171.4 percent over December 2002 levels to 990,502 contracts, with volume up 388.1 percent for the year at 10,859,690.
Total exchange month-end open interest was 7,265,361, up 27.3 percent from December 2002. In addition, CBOT average daily volume for December totaled 1,590,325, an increase of 44.8 percent from December 2002 and up 32.1 percent for the year at 1,802,344 contracts.
To increase the efficiency of the open auction marketplace, the CBOT enhanced its electronic order routing technology in 2003. As a result, 7,382,008 futures and options orders were electronically sent directly to floor brokers using Electronic Clerks, special order receipt devices. Most recent sales of CBOT seats in December were: CBOT Full Membership at $555,000 December 22, 2003; CBOT Associate Membership at $168,000 on December 31, 2003; CBOT Commodity Options membership at $41,500 on December 17, 2003; and CBOT IDEM membership at $16,000 on December 22, 2003.